Bank of China will finance the internationalization of Hong Kong Phoenix TV

The Bank of China will increase its financial support for the internationalization of the Phoenix Television of Hong Kong, in its support for China’s cultural industry, said the bank on its website.

The agreement between the Bank of China and Phoenix TV tries to turn the Phoenix “into a global media group,” said Bank of China chairman Xiao Gang.

The statement said in recent years the bank paid great attention to cooperate with companies and the loans in cultural sector rose much above the average for other industries.

Until late 2011, the Bank of China had granted 5,080 million in loans to more than 1,700 cultural enterprises.

Besides TV, Phoenix TV offers online information services, a weekly magazine, outdoor electronic displays and radio.